HKEX clearing head talks margin and auctions post-Nasdaq

CCPs have work to do to restore confidence in clearing, but Roland Chai has a plan

Photo: HKEX

Derivatives clearing is one of the pillars of post-2008 financial reform, yet the default of a lone operator on a regional commodities market in northern Europe has exposed worrying cracks in the structure, and forced senior executives at the world’s largest clearing houses to review the way they manage members’ losses.

Roland Chai is one of them. As head of post-trade at Hong Kong Exchanges and Clearing (HKEX), he is putting together a comprehensive set of reforms for Asia’s third largest

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